VistaPrint Ltd an online supplier of graphic design services and print products, said on Friday that it plans to sell as much as $120 million in an initial public stock offering. The company, which is based in Bermuda, did not provide the number of shares or the price per share, according to a preliminary offering document filed with the US Securities and Exchange Commission.
Those details are expected in future filings. In the nine months ended March 31, VistaPrint had revenues of $64.1 million, compared with $42.2 million in the same period the year before, according to the IPO document.
Goldman, Sachs & Co; Bear, Stearns & Co Inc; SG Cowen & Co and Jefferies Broadview were hired to manage the offering, the IPO prospectus shows.
The company said it has applied to list its shares on Nasdaq under the symbol "VPRT."
It said it plans to use the proceeds from the IPO for construction and expansion of its printing facilities and other operations, possible acquisitions and investments, working capital, capital spending and other general corporate purposes.
As of March 31 it had $24 million of cash and cash equivalents and more than $13.5 million in long-term debt, the company said in the regulatory document.
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